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How Web 3 Will Impact Marketers
05/01/2023
Web 3.0, also referred to as the third generation of the internet, is ushering the internet into a new era. It is a vision of a more decentralized web that puts control in the hands of users rather than major firms. The foundation of web 3 is built using blockchain technology with the aim of improving user access to, and privacy and security on, the internet. Market data research will obviously play a massive role in determining how marketers can get the most value out of this new internet era. It will be more important than ever to hire a market research company to flourish in this new digital era. In this blog, we will discuss the potential impact web 3.0 might have on marketing.
The Journey From Web 1.0 to Web 3.0
The last three decades have witnessed an incredible evolution of the internet. In the 1990s, when the first-generation web was introduced, it was largely used to exchange text-based information, with informational static sites dominating the space. Then came web 2.0, where everything became interactive, and social media networks began to take shape. It was then that people started communicating with one another in real time through blogs, tweets, and Facebook posts. Now comes the third iteration of the web, which is concerned with collaboration and interaction between people and machines. With the introduction of new technologies like the semantic web, natural language processing, and machine learning, the web is becoming more intelligent and flexible. Web 3.0 is therefore regarded as the internet's future. It is still in its early phases of development, so it is difficult to forecast when it will become a reality. The transition from 2.0 can take some time, but one thing is certain; web 3.0 is the future.
Impact of Web 3.0 on Marketing
According to Gartner, almost 84% of digital marketers claim that employing AI/ML, the technology powering Web 3.0, enhances their marketing function's capacity to offer clients real-time, customized experiences. Given the nature of Web 3.0, these technological trends will become mainstream practices. So, how will it impact market data research, and how can marketing research agencies make the most out of Web 3.0?
Data collection and privacy
Web3 will enhance user data privacy. Currently, most businesses profit from the user data they gather, either by selling it to third-party marketing firms or utilizing it as the basis for their in-house marketing strategies. Given the enormous value that data holds, supporters of Web3 think that consumers should be more involved in deciding how their data is used and with whom it is shared. In addition to coming up with fresh, inventive ways to connect with their target audience, it would compel marketers to be more open and honest about how they gather and use customer data.
New user experience
Redistributing power to the consumer is the core idea behind Web3. Instead of being in the backseat, consumers will now be able to actively decide the type of content they are most interested in and with which they would like to interact. As a result, marketing consulting companies will now need to focus more on creating a robust community to adapt to such a change in the consumer approach. Community-building will be more crucial than ever.
New marketing strategies
Marketers will need to reconsider their digital marketing methods to attract and retain customers in light of the enhanced Web 3.0 user experience. Market research consulting agencies will have to change their strategy in order to take advantage of new opportunities and overcome the challenges that will come as part and parcel of the new web era. Since third-party cookies will no longer be available, marketers and business consulting companies will need to make use of new user data sources to successfully target consumers. This will facilitate the creation of more specialized, focused, and tailor-made content. From the consumer’s point of view, the internet will become a more individualized and customized experience with increased decentralization and privacy. In addition, augmented reality (AR)/virtual reality (VR) and blockchain will alter how individuals interact with the online environment.
Role of blockchain
Blockchain technology is expanding quickly and will change the way we lead our digital lives. Market consulting experts believe that it will be just as revolutionary as the invention of the internet. To put it simply, blockchain is a method for documenting and authenticating transactions that may be used for nearly anything that demands transparency, including money, real estate, and medical information. It can, therefore, completely change marketing as we know it today, and you will need to work with one of the best market research companies to leverage the technology.
Final word
The future of marketing begins with Web 3.0. The new internet era will see marketers getting access to a wealth of new opportunities, from using new data sources to tracking marketing efforts throughout the digital-first buyer journey. However, Web 3 is still in its early days and a lot of things around this concept are likely to experience significant change. Working with an experienced market research company can help you leverage the new tech to take future business decisions with impeccable precision. When searching for a leading market research firm with a proven track record of excellence, look no further than Novus Insights! We are one of the leading market data research firms that can deliver actionable data from the most up-to-date market research techniques. To talk to market research consultants and discuss the various market research applications for your tech company, call +91 1244142292 and/or +91 7428225350, email contactus@novusinsights.com, or fill out our contact form.
